以財務指標分析產業競爭優勢－從亞洲觀點看兩岸銀行業

Abstract

隨著亞洲在全球金融危機中率先復甦，且近年亞洲地區國家的經濟成長率呈現持續高度成長，如中國、印度、印尼、台灣、韓國等地對世界經濟增長的貢獻率加大，顯示亞洲的競爭力日益加強，確立了新興經濟體崛起，全球金融和經濟重心東移的趨勢。而在這之中，又以中國和台灣間的經濟開放交流最受亞洲經濟所注目。如2009年的兩岸金融監理合作備忘錄（MOU）及2010年的海峽兩岸經濟合作架構協議（ECFA）相繼簽訂並於隔年生效後，雙方金融市場的實質交流轉趨頻繁，不但台資銀行可登陸設立分行、陸資銀行亦可登台設立分行、雙方銀行監理機構更合作成立監理平台進行監管方法的改善及意見交流。這顯示著兩岸銀行業未來的競爭態勢將更加鮮明，故如何清楚定位各自銀行的特色並轉化成為持續性的競爭優勢，變成兩岸銀行業當前欲思考的策略要點。

本研究樣本擴及亞洲地區共15國的商業銀行，取自2005-2009年五年期全球版Compustat資料庫的資料，將變數進行敘述性統計分析以了解銀行財務績效表現與穩定性。接著再進行主成分因素分析及集群分析，以了解各銀行的競爭優勢。而本研究乃根據Altman（1968,1973）、Solomon and Pringle（1980）、Padget（1991）、Jordan and Sons（1993）、Griffth and Alexander（2002）、DeYoung and Rice（2004）等學者針對企業財務指標之於銀行績效的有效衡量，選出了包含總資產周轉率、固定資產報酬率、邊際現金流量、總資產報酬率、股東權益報酬率、稅前純益占總資產比率、利息保障倍數、槓桿比率、權益比率、營運資金占總資產比率、非利息收入占營收比率等11項財務指標作為本研究的操作型變數。

本研究結果針對兩岸銀行業的競爭優勢主要發現1) 台灣銀行業的經營績效與亞洲地區銀行相較之下，綜述能力表現僅是中等普通，而獲利能力、國際競爭力等表現更位於亞洲銀行排名的中末端位置。而台灣銀行業與中國銀行業相較之下，競爭優勢主要在於資本結構能力、風險管理能力及金融創新能力。2) 透過集群分析發現中國工商銀行和招商銀行列於風險管理及金融創新集群中，顯示中國銀行業的風險管理能力和金融創新能力正以極快的進步速度追趕著台灣的銀行業者甚至已超過部分台灣銀行。此外，舊有1990年代及2000年代初期常見的中國銀行業弊病，例如不佳的銀行資產品質及不良放款現象已不復存在。

Since Asia firstly recovered from the global financial crisis, the country’s’ economic growth in Asia continued to keep high growth recent years, such as China, India, Indonesia, Taiwan and South Koreas’ contribution to world economic growth increased. It shows the rise of emerging economies and the eastward shift of global financial and economic power. However, especially the Cross-Strait Business Ties gets the most attention. After signing the memorandum of understanding (MOU) agreement in 2009 and the economic cooperation framework agreement (ECFA) in 2010 between Taiwan and China, the financial cooperation between each other becomes open and frequency. Not only Taiwanese banks in China can upgrade to full services branches, Chinese banks also allow to set the representative offices in Taiwan. It shows that the competitive situation of the banking industry between Taiwan and China will be tougher. This study mainly based on the competitive advantage thesis mentioned by Tang and Liou(2010), and will use the corporates’ financial performance to find out the competitive advantage of banking industry between Taiwan and China.

The samples of this study are extracted from Global Compustat database during 2005 to 2009 and the total data are 244 commercial banks from Asia region. First, Choose eleven financial variables based on Altman(1968,1973)、Solomon and Pringle(1980)、Padget(1991)、Jordan and Sons(1993)、Griffth &Alexander(2002) and Robert DeYoung(2004) thesis. Then use these variables to examine by Descriptive Statistics analysis, Principle factor analysis and Cluster analysis in order to realizing the sources of competitive advantage.

According to the outcome of cluster analysis in this study, the competitive advantages of the bank industry in Taiwan are capital structure. risk management and financial innovation. And the competitive advantages of the banking industry in China are profitability and enterprises operating ability. Besides, we also find out that Industrial and Commercial Bank of China and China Merchant Bank are clustered in great ability of risk management and financial innovation, which warn us that Chinese banks are no longer struggling in bad loans and asset quality. They’ve been improved fast in asset quality to pass over several Taiwan banks.